Talking about money at any age can be uncomfortable.
Your parents are getting older.
They are fiercely independent, but you know they need help.
What do you do?
According to a recent nj.com article titled “When your older parent refuses help,” remind them you care and want to help them maintain their independence as long as possible.
This requires open conversations and planning.
It must occur while they still have capacity to make these decisions.
What will happen if one of your parents falls or gets hurt?
Who will take care of them?
You should know who will provide care and how they will be compensated.
Who will make financial and medical decisions when your parents are no longer able to do so?
Encourage them to work with an experienced estate planning attorney to create a general durable power of attorney and an advance health care directive inked.
The power of attorney deals with finances.
The advance health care directive deals with medical issues.
It could be wise to find a doctor who specializes in working with the elderly.
An elder law attorney can also be helpful in assessing needs and how to plan for them.
By addressing these issues now, you will help these most dearly loved loved ones remain independent as long as possible.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: nj.com (October 11, 2017) “When your older parent refuses help”